Financial briefs

Australian assets of Canadian-based automated teller machine driver, Calypso. Customers expects the transition to yield cost savings and open new revenue streams. Customers has until now outsourced the driving function of its network of ATMs. Driving involves moving ATM traffic to a switch company, which contacts the ATM user’s card issuer or bank to finalise the transaction. Katja Bührer

Australian investors had $3.2 billion in exchange traded funds as at June 30, a new report by Bell Potter Securities found. Exchange traded funds are managed funds that are traded like shares on the stock exchange. Bell Potter said the value of assets in ETFs was expected to double this financial year due to the launch of new products. There are now 31 ETFs that trade on the ASX. Staff reporter

Armidale Investment Company is to buy ordinary shares in
Wallace Absolute Return
on-market during the offer period under its takeover bid for the firm for prices up to 7¢ a share. An entity linked to Wallace managing director Spiro Paule, E-Quest, has said that it intends to revise its offer for all the shares in WAB to 7.1¢ a share.

Staff reporter

Hedge fund manager K2 Asset Management has announced the following distribution amounts to unit holders for the year to June: $12.83 for its Asian Absolute Return Fund, $15.72 for its Australian Absolute Return Fund and $7.10 for its Select International Absolute Return Fund. Staff reporter

The chief executive officer of the Australian Office of Financial Management, Neil Hyden, will retire from the government’s debt agency and the Australian public service on November 25. He has held the position of chief executive since October 2003. Katja Bührer